03-11-2014, 12:00 AM
In a post credit bubble delevering phase, wages will continue to be the foremost driver of consumer spending growth. In fact the correlation between real wage growth and consumption this cycle has been a stunningly high 95% compared to a historical relationship closer to 60% (and just 12% last cycle).
We knew this day would co… wait never mind the day hasn’t come yet | FT Alphaville